YOUR MORTGAGE EXPERT

CJ Winchester

Frequently Asked Mortgage Questions

We hear a few questions from homebuyers during the loan process and these are a few of the most common. If you have a question that is not on the list, please feel free to contact us and we will be happy to answer it.

How long does it take to process a mortgage application?

This may vary depending upon the specific type of mortgage you are applying for, as different agencies will need to be involved in the process. Typically the process plays out in a month or less, though some will go quicker. It is not uncommon to have the mortgage application processed within 10 days. It is critical that you get the application entirely completed, so that you can avoid any delays along the way.

Could anything delay the approval of my loan?

The main thing that can delay the approval of a loan is failing to properly and completely fill out the applications. It is also important that you be completely honest on the applications, as any discrepancies may cause delays. In addition, changing jobs, having a change in your salary, changing your marital status or taking on additional debt can delay the approval of a loan.

What do the closing costs include?

Closing costs include items such as taxes, title fees and hazard insurance. Sometimes what is included in closing costs varies, and it can be impacted by the negotiation process on the sale price of the home, as the homeowners may or may not cover certain closing costs. You’ll want to have some money set aside to cover your closing costs.

What are prepaids?

Prepaids are items that you as the homebuyer pay at closing. This is a payment before the actual due date. These may be necessary depending upon the details of the closing. They include taxes, hazard insurance and other various assessments.

When do my mortgage payments start?

After you close, you’ll receive a letter that includes all of the dates and information that you need. If you want further details while you are closing, you should inquire about the specific due date of the first payment.

What is included in my house payment?

There are a few things that go into your mortgage payments. You’ll be paying down your principal loan, interest on the loan, taxes and insurance. If you would like a detailed breakdown, you should discuss it before you finish closing on the home.

Can I pay off my mortgage early or make additional payments?

Yes you can, although you’ll want to determine whether or not it is in your best interest to do so. If your interest rates are low enough, you may be better off investing the money than paying it back right away. That is something that you should analyze before deciding how to proceed.